Finance: Yankee Bulls in Tokyo

Yankee Bulls in Tokyo

Governments and business executives around the world have long complained that Japan keeps its economy essentially closed to outsiders. Last week, though, the Japanese opened the door a crack. New York-based Merrill Lynch became the first foreign company to take a seat on the Tokyo Stock Exchange and start trading. Before Merrill Lynch's team of eleven traders made their debut on the exchange floor, they gathered at the company's Tokyo office to toast the venture with whisky, beer and sake. "It is a historic time for us and Japan," said Walter Burkett, a general manager. Merrill Lynch will soon be joined...